Two Democratic senators and one governor announced their retirements earlier this month, and days later, the smart money has Ted Kennedy's Massachusetts Senate seat falling to the GOP for the first time in nearly 60 years. Suddenly, the Republicans are crowing and Democrats are trembling -- everyone says the Democratic Party is doomed in 2010.

What is the source of this breathless hysteria? Memories of the 1994 Republican midterm landslide. But everyone should take a deep breath: The 2010 midterms will not be a repeat of 1994. Why? Because almost everything we think we know about the 1994 election is wrong.

Let's look at the 1994 election. How was the GOP able to pick up 52 House seats and eight Senate seats to take control of Congress for the first time in over four decades? This was the second year of Bill Clinton's presidency, and his signature initiative -- healthcare reform -- had just failed. Although economists insisted the recession was over, unemployment remained high and wages were stagnant.